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Month: January 2015

BOSTON, MA, United States, via ETELIGIS INC., 01/30/2015 – – National Tay-Sachs & Allied Diseases, the nation’s oldest rare disease patient advocacy group, is intensifying efforts to find treatments for neurodegenerative disorders with the formation of a Corporate Advisory Council (CAC). Comprised of industry leaders with direct experience in developing, funding and commercializing therapies for rare diseases, the CAC will help NTSAD advance its research programs, build clinical trial readiness and promote the rare disease organization to potential partners by highlighting its access to patients, to animal models and other resources.

In 2013, the FDA granted NTSAD orphan drug designation for a Tay-Sachs gene therapy treatment. Research is currently in pre-clinical development stages in partnership with the Tay-Sachs Gene Therapy (TSGT) Consortium, whose goal is the initiation of a gene therapy clinical trial for Tay-Sachs disease and Sandhoff disease.

“NTSAD’s rich resources should be attractive to companies interested in bringing a therapy to market for this group of lysosomal storage diseases,” said CAC Chair, Marion Howard, M.D., Ph.D., founder of Cambridge BioStrategies. “To build closer ties with these companies, we have assembled a group of experts in both drug development and commercialization who have not only brought drugs for rare diseases to market, but also have a passion for this field.”

“The CAC guidance is proving invaluable to our clinical trial readiness for Phase I clinical trials,” said NTSAD Executive Director, Susan Kahn. “In conjunction with our Scientific Advisory Board and the Tay-Sachs Gene Therapy Consortium, they are also influencing the direction of our basic research grants to expeditiously bring a therapy to market.”

About NTSAD

National Tay-Sachs & Allied Diseases Association (NTSAD) is one of the oldest patient advocacy groups in the country. NTSAD focuses on supporting research and the needs of over 500 families and individuals worldwide in several ways, including raising awareness to prevent disease. Their programs and services includes providing comprehensive support services to affected families through their Peer Support Group. The NTSAD research support program aims to direct, fund and promote promising research to develop treatments and cures. NTSAD also offers educational and awareness programs directly and through collaborations with other rare disease programs and community partners. On a broader front, the association advocates for families and persons of all ages with disabilities on an individual, state and national level.

ALPHARETTA, GA, United States, via ETELIGIS INC., 01/30/2015 – – nFront Security, www.nfrontsecurity.com, today announces support for the Stanford password policy settings in their nFront Password Filter product. The new password policy settings give users a much more mobile friendly password policy. Users now have control over the password complexity requirements based on the length of password they choose. Longer passwords will require fewer character types and are typed much more easily on mobile phones.

In April 2014 Stanford University adopted the new length-based password policy after much research on password usage and creation. The new password policy is expected to increase network security and lower helpdesk calls for password related issues. As the length of the password increases, the password requirements become less restrictive.

This password policy is a great step forward in balancing the need for better network security and the ease of use needed by enterprise users. This new feature allows users to choose their level of password complexity based on password length. It is great to see a policy that emphasizes the best metric of password length. Password research shows that the password length is much more important than complexity requirements. Longer passwords have the largest impact in discouraging password hacking attempts.

The Stanford password policy includes the following requirements:

– 8-11 character passwords require the use of upper and lower case, numerical and special characters.

– 12-15 character passwords require the use of upper and lower case and numerical characters.

– 16-19 character passwords require upper and lower case characters

– 20+ characters require lower case characters.

nFront Password Filter makes adoption of the Stanford password policy even easier by including a one-step checkbox to implement the policy requirements. Administrators can still use the nFront product to establish additional password policies within the Windows Active Directory with additional requirements. However, the Stanford settings provide an excellent baseline policy. The nFront Password Filter client further enhances the user experience by showing the exact requirements on the password change screen in the Windows operating system.

MDWorkout® is now available to doctors and health care professionals who are looking for app based solutions to prescribe to their patients for exercise as medicine through the AppScript app prescribing system. For the first time ever doctors can prescribe exercise through an app based solution.

“LifeApps® continues to pursue synergies with organizations that are forward thinking and dedicated to mobilizing healthcare,” states LifeApps® CEO Robert Gayman. “AppScript is a perfect fit for MDWorkout® and our LifeApps® Health initiative.” (http://www.LifeAppshealth.com)

Mr. Gayman also states, “MDWorkout® features over 150 exercises crafted by medical doctors and can be a great benefit to health care professionals looking to prescribe exercise as medicine to their patients. With AppScript they will know that the apps they prescribe have been thoroughly tested and reviewed before they recommend them to their patients.”

IMS Health AppScript is the first app prescribing solution built to the standards that health care professionals and their patients expect in medication prescribing.

As part of wellness, prevention and treatment regimens, physicians can organize these apps into formularies based on their specific patient population and practice preferences. In addition, AppScript enables them to securely prescribe, reconcile and track app use by patients from any mobile interface.

LifeApps® is a digital media company focusing on health, fitness, sports publications, and next-generation social networks. The company is a leading, authorized developer, publisher and licensee for Apple iOS – iPhone, iPod Touch, and iPad – and Android tablets on Google Play and Kindle Fire and Androids via Amazon Mobile Marketplace. Health, fitness and sports enthusiasts can benefit from the expertise of top-tier sports physicians, performance fitness trainers and professional athletes through LifeApps® multi-sport and fitness publications and mobile apps. These subject matter experts create the skills, drills and workouts that are featured in the family of LifeApps® Digital Media products and publications.

This release contains "forward-looking statements" as that term is used under the federal securities laws. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. These forward-looking statements are subject to various risks and uncertainties that could cause LifeApps®’ actual results to differ materially from those currently anticipated, including risks and uncertainties relating to the Company’s business, product development, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company’s filings with the Securities and Exchange Commission (the “SEC”) including the Company’s annual report on Form 10-Q filed with the SEC on Nov. 18, 2014. The Company does not undertake to update these forward-looking statements.

CONYERS, GA, United States, via ETELIGIS INC., 01/30/2015 – – GeckoSystems Intl. Corp. (OTC Pink: GOSY) (PINKSHEETS: GOSY) announced today that an internationally renowned market research firm, Research and Markets, has again named GeckoSystems as one of the key market players in the mobile robotics industry. For over seventeen years GeckoSystems has dedicated itself to development of "AI Mobile Robot Solutions for Safety, Security and Service™."

The report covers the present scenario and the growth prospects of the Global Mobile Robotics market for the period 2015-2019. Research and Markets stated in their report, that they: "…forecast the Global Mobile Robotics market to grow at a CAGR of 12.63 percent over the period 2014-2019."

The report has been prepared based on an in-depth market analysis with inputs from industry experts and covers the Americas, the APAC, and the EMEA regions. The report also discusses the Global Mobile Robotics market landscape and its growth prospects in the coming years.

Research and Markets lists the following as the key vendors operating in this market:

Key Vendors

– Adept Technology

– GeckoSystems

– Honda Motor

– iRobot

– KUKA

Other Prominent Vendors

– Aethon

– Barrett Technology

– Bossa Nova Robotics

– Bluefin Robotics

– ECA Robotics

– Harvest Automation

– John Deere

– Seegrid

“GeckoSystems has been recognized by Research and Markets for several years now and it is the most comprehensive report of the global mobile robotics industry that I am aware of. I am pleased that their experienced market researchers are sufficiently astute to accept that small service robot firms, such as GeckoSystems, can nonetheless develop advanced technologies and products as well, or better, as much larger, multi-billion dollar corporations such as Nissan, Honda, iRobot, Sony, and Toyota.

“It is an honor that they recognize the value of the over 100 man-years we have invested in our proprietary Intellectual Properties and my full time work for nearly 20 years now. Our suite of AI mobile robot solutions is well tested, portable, and extensible. It is a reality that we could partner with any other company on that list and provide them with high-level autonomy for collision free navigation at the lowest possible cost to manufacture. There is also an opportunity for other cost reductions and enhancement of functionality with other components of our AI solutions," stated Martin Spencer, CEO, GeckoSystems International Corporation.

Subsequent to Mr. Spencer’s trip to Japan last December, another multi-billion dollar Japanese corporation, that is not international, has submitted a request for quote (RFQ) for 25 CareBot(tm)-"J’s" for beta test trials in Japan. The J version of the CareBot retains all the benefits and features of the US version, but with Japanese language voice recognition/synthesis and a shroud style appropriate for the Japanese culture. So while the company continues in its discussions and negotiations with the companies visited last December, this new, very significant RFQ is now being addressed.

In the US, GeckoSystems projects the available market size in dollars for cost effective, utilitarian, multitasking eldercare social mobile robots in 2016 to be $74.0B, in 2017 to be $77B, in 2018 to be $80B, in 2019 to be $83.3B, and in 2020 to be $86.6B. With market penetrations of 0.03% in 2016, 0.06% in 2017, 0.22% in 2018, 0.53% in 2019, and 0.81% in 2020, we anticipate CareBot social robot sales from the consumer market alone at levels of $22.0M, $44.0M, $176M, $440.2M, and $704.3M, respectively. The company is presently securing funding for manufacturing, marketing and final beta testing of their CareBot.

“I am also pleased that as the Mobile Robotics industry begins to offer real products to eager markets our capabilities are being recognized. Forward thinking companies are looking to early entry into these markets and Nissan is an excellent example of this type sort of company. My recent meeting with leading roboticists at Nissan’s Mobility Services Laboratory, which is responsible for Nissan’s autonomous car R&D in Japan, clarified Nissan’s goals and capabilities and I am confident that they are complimentary with our own. We recently moved up to Limited Information status on OTC Markets. While I regret our time as No Information, our financials are now available for that time period. We remain very committed to providing our 1300+ stockholders the ROI they deserve,” concluded Spencer.

About Research and Markets:

Research and Markets is the leading source for international market research and market data. They hold ‘000’s of major research publications from most of the leading publishers, consultants and analysts. They provide their clients with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

GeckoSystems has been developing innovative artificial intelligence robotic technologies for over seventeen years. It is CEO Martin Spencer’s dream to make people’s lives better through AI mobile robot systems technology.

An overview of GeckoSystems’ progress containing over 700 pictures and 120 videos can be found at:

GeckoSystems is also looking for U.S. and international partners in the DME market to create a commercial medical telepresence robot and market the SafePath(tm) wheelchair. The need for a better wheelchair is discussed here:

Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company’s future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results.

Deal –X Technologies is a proprietary “Daily Deal” and “Digital Coupon” software platform for local commerce and national ecommerce (online sales).

Greenway Design CEO Ben LeFrancois said, “Now that we have closed this tremendous opportunity for both our company and our shareholders, we look forward to growing the company in the exciting “Flash Sales” (Digital Coupon and Daily Deals) markets”.

This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company’s current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company’s business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with OTC Markets, Inc.’s OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

LOS ANGELES, CA, United States, via ETELIGIS INC., 01/29/2015 – – VRDT Corporation (OTC Pink: VRDT) (PINKSHEETS: VRDT) (“Verdant”) announced today the addition of Michael Sheikh as interim Chief Financial Officer, with the full intention of confirming him into a full position after 3 months. Mr. Sheikh replaces Dennis Hogan who unfortunately passed away recently. Mr. Sheikh comes to VRDT with a wealth of experience in international trade financing and the energy industry.

As Verdant continues to grow and acquire more companies, and corresponding purchase orders, solid factoring finance to help these acquisitions grow and expand becomes paramount. Mr. Sheikh brings over eight years of financing international trade deals with expertise in venture capital and a natural affinity for asset based lending.

“We are deeply saddened at the recent loss of Dennis Hogan whose efforts helped shape Verdant for the future. We will miss him dearly. We are; however, delighted to have Mr. Sheikh join our family,” stated Graham Norton-Standen, VRDT executive Chairman. “Verdant is seeing many positive new opportunities beginning to reach fruition with our subsidiaries and with our partners. Michael’s expertise is spot on for helping bring these opportunities to life.”

“I couldn’t be more excited to begin working with Verdant building a strong, fully SEC compliant, financial structure that emphasizes our growth and investment with our subsidiaries and partners,” stated Mr. Sheikh.

About VRDT Corporation:

VRDT Corporation (“Verdant”) (OTC Pink: VRDT) is a public company aggregation platform focused on the intelligent integration of renewable and sustainable energy technology, transportation and infrastructure-related ventures and initiatives. Verdant’s focus is to bring together technology, manufacturing, and services to significantly enhance efficiencies in energy-use options and facilitate the rapid and broad implementation and adoption of those efficiencies as part of a new energy paradigm.

Statements contained in this release that are not historical facts may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934 and are inherently uncertain. Actual performance and results may differ materially from that projected herein due to certain risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. VRDT Corporation does not intend to update any of the forward-looking statements after the date of this release to conform them to actual results, except as may be required by law.

COLORADO SPRINGS, CO, United States, via ETELIGIS INC., 01/27/2015 – – Gold Resource Corporation (NYSE MKT: GORO) (the “Company”) today provided an update with new Switchback drill highlights at its El Aguila Project in Mexico. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned over $102 million to shareholders in monthly dividends since commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

Four additional drill holes are reported from the latest results in the table below, all of which intercepted polymetallic mineralization containing gold, silver, copper, lead and zinc. Each reported drill intercept contains significant percentages of zinc, ranging from 2.97% to 21.30%. Base metals have the potential to off-set precious metal production costs by creating by-product credits when sold to the Company’s concentrate purchaser. The table also includes previously released Switchback drill results from 2014 and 2013.

The Switchback discovery, announced in June 2013, is located on the Company’s El Aguila Project approximately 500 meters northeast of the Company’s producing La Arista polymetallic (gold, silver, and base metals) underground mine (see maps below). The Company made a decision mid-2014 to drift approximately 250 meters towards the Switchback mineralization to shorten the drill distance to the mineralized area and to provide the drill better angles to intercept the veins. This latest round of drilling focused on infill drilling the previously defined 450 meter strike by 450 meter depth mineralized horizon.

Mr. Barry Devlin, Vice President of Exploration, stated, “It is exciting to see continued high-grade polymetallic intercepts at Switchback. This latest round of infill drilling continues to define multiple meters of both precious and base metals within multiple parallel vein structures. Our immediate plan is to continue infill drilling at Switchback to further delineate these vein structures with a goal of moving Switchback to a near term development decision.”

Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in six potential high-grade gold and silver properties at its producing Oaxaca, Mexico Mining Unit and exploration properties at its Nevada, USA, Mining Unit. The Company has 54,179,369 shares outstanding and no warrants. Gold Resource Corporation offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery. For more information, please visit GRC’s website, located at www.Goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.

Cautionary Statements:

This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan”, “target”, "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company’s actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s 10-K filed with the SEC.

ATLANTA, GA, United States, via ETELIGIS INC., 01/29/2015 – – Mornsun, a leading manufacturer of power converters, will be working closely with World Micro to provide quality products and local services to the customers in North America. Mornsun product lines include DC/DC converters, AC/DC converters, isolation amplifiers, communication interface modules, IGBT/LED drivers and EMC filters. Mornsun will continue to expand its power converter product offering as well as other power related products to better serve medical, transportation, energy, and industrial markets.

In 2014, Mornsun bought a new building to expand its manufacturing and R&D facilities, continuing to execute on a strategy to become one of the leading worldwide innovators of power converter products.

Franky Li, Vice President of Sales with Mornsun, states, “With the help of World Micro’s dedicated sales and field support team to develop new business opportunities, we are confident that we will have greater success in 2015 and onward.”

“Mornsun is rapidly adding to its already impressive portfolio of power converter products,” says Mike Quarles, Applications Engineer at World Micro. “Quick-turn samples, short lead times, prompt expert technical support, and competitive pricing are just a few advantages you can expect when choosing to partner with Mornsun and World Micro for your projects.”

ABOUT:

World Micro, Inc., is a global electronic components and products distributor headquartered in Atlanta, Georgia. For more information about World Micro and their office locations, please visit http://www.worldmicro.com/. World Micro can be followed on Twitter at twitter.com/worldmicro. MIT Holdings, LLC is a wholly owned subsidiary of World Micro

MIAMI, FL, United States, via ETELIGIS INC., 01/29/2015 – – Amazonas Florestal, Ltd. ("Amazonas" or "Company") (www.amazonasf.com) (OTC Pink: AZFL) (PINKSHEETS: AZFL), a natural resources company generating profit through innovative, sustainable forest management on its land holdings located in the northern regions of the Brazilian Amazon, is pleased to announce the Company has published its 2014 Annual Report. As a result, the company assets and timber inventory added a combined value of more than $4 Million to the Company’s asset base, an increase of more than 10%.

Amazonas’s CEO, Pepper Stebbins, commented, “Our goal to achieve revenues from the Brazilian operations in the last quarter of 2014 was not fulfilled mainly due to seasonal and licensing issues in the state of Rondonia where the Company has commenced operations. These matters have since been resolved and we should now see these operations begin to flourish with decent amounts of product during the first two quarters of 2015. These shipments should later increase each quarter as the harvest season comes into full swing in this part of Brazil beginning in late June. We have also added significant amounts to the timber inventories over the last year, which will allow for solid growth potential once financing to extract timber from these properties sustainably – is achieved. There appears to be an evident increase in demand over the last couple of quarters for precisely the exact tropical hardwood products that we will now have the capability to manufacture and deliver. It’s an exciting time for us and our shareholders.”

Ricardo Cortez, Amazonas’ Chairman of the Board, added, “The Company continues to push forward with its commitment of shipping sleepers and decking from the area around Cujubim, Rondonia, where operations began in late 2013 but later halted during the short season last year due to rains and the 2014 World Cup. We expect our Brazilian operations to begin shipping substantially this year, capitalizing on recent market increases in most of the flooring, decking and sleeper products that Amazonas is focused on manufacturing. Coupled with our newly developed Hemp subsidiary in Colorado that seems to be taking shape, our present outlook on securing profitable revenue in 2015 seems to be very good.”

About Amazonas Florestal Ltd

Amazonas Florestal Ltd. is a natural resources company generating profit through innovative, sustainable management of its large tracts of land in the rainforests of Amazonas, Brazil. Amazonas Florestal’s sustainable forest management strategy, with its green philosophy and method of cyclical harvesting, preserves ecosystems through habitat and water resource preservation, positioning it as an industry leader in responsible, eco-friendly timber practices.

Headquartered in Miami, FL, Amazonas’ goal is to become a leader in sustainable forest management, creating revenue while protecting the biodiversity of the rainforest ecosystem and enhancing the lives of the people who live in it. Through a strategy of selective harvesting, biomass production, and conservation incentives, Amazonas Florestal not only protects one of the world’s greatest natural resources, it also makes preservation profitable. For more information, please visit www.amazonasf.com follow the Company on Facebook and Twitter, or tweet @Amazonas_AZFL!

Disclaimer: Forward Looking Statements

Forward-looking statements in this release regarding Amazonas Florestal are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company’s products, increased levels of competition, new products and technological changes, the company’s dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the company’s periodic reports filed with the Securities and Exchange Commission.

BEDMINSTER, NJ, United States, via ETELIGIS INC., 01/28/2015 – – Peapack-Gladstone Financial Corporation (NASDAQ: PGC) (the “Corporation” or the “Company”) recorded net income of $14.89 million and diluted earnings per share of $1.22 for the twelve months ended December 31, 2014, compared to $9.26 million and $1.01, respectively, for the same twelve month period last year, reflecting increases of 61 percent and 21 percent, respectively.

– The Company successfully sold 2.776 million common shares ($50 million gross) in its at-the-market equity offering in the fourth quarter of 2014, just one year after selling 2.471 million common shares ($42 million gross) in its rights offering / sale to stand-by investors in the fourth quarter of 2013. The 2014 capital raise has positioned the Company for continued growth and expansion.

– Earnings and performance ratios for 2014 reflected improvement when compared to 2013’s results (as reflected just above). Year over year growth in diluted earnings per share was 21 percent.

– Loans at December 31, 2014 totaled $2.25 billion. This reflected growth of $676 million when compared to $1.57 billion at December 31, 2013. Year over year loan growth was 43 percent.

– Asset quality metrics continued to be strong at December 31, 2014. Nonperforming assets at December 31, 2014 were just $8.2 million or 0.30 percent of total assets, compared to $8.6 million or 0.44 percent at December 31, 2013. Total loans past due 30 through 89 days were only $1.76 million at year end 2014, compared to $2.95 million at year end 2013.

– During 2014, Commercial & Industrial (C&I) loan closings totaled $243 million. This compared to $97 million in 2013. Year over year growth in commercial loan closings was 150 percent.

– During 2014, four new seasoned bankers with a focus on C&I lending, joined the Company.

– The Company’s net interest income for 2014 was $ 67.89 million. This reflected improvement when compared to $52.78 million for 2013. Year over year growth in net interest income was 29 percent.

– At December 31, 2014, the market value of assets under administration at the Private Wealth Management Division of Peapack-Gladstone Bank (“the Bank”) was $2.99 billion.

– Fee income from the Private Wealth Management Division totaled $15.24 million for 2014, growing from $13.84 million for 2013. Year over year growth in wealth management fee income was 10 percent.

– During 2014, three new seasoned wealth advisors, a seasoned portfolio manager and a seasoned trust officer, all with a focus on new business generation and client advisory, joined the Company.

– The book value per share at December 31, 2014 of $16.36 reflected improvement when compared to $14.79 at December 31, 2013. Year-over-year growth in book value per share totaled 11 percent.

For the quarter ended December 31, 2014, the Corporation recorded net income of $4.21 million and diluted earnings per share of $0.32. This compared to $2.40 million and $0.25, respectively, for the same quarter last year.

Net Interest Income / Net Interest Margin:

Net interest income was $18.35 million for the fourth quarter of 2014, compared to $14.53 million for the same quarter last year, reflecting growth of $3.82 million or 26 percent when compared to the prior year period. Net interest income for the fourth quarter of 2014 benefitted from significant loan growth during 2014.

While net interest income for the fourth quarter of 2014 improved compared to prior periods, the net interest margin, on a fully tax-equivalent basis, was 2.89 percent for the December 2014 quarter compared to 3.26 percent for the December 2013 quarter. A portion of the decline in net interest margin for the December 2014 quarter was due to the maintenance of much larger average interest earning deposit/cash balances – $163.3 million average for the December 2014 quarter, compared to $38.4 million for the December 2013 quarter. Mr. Kennedy said, “As noted last quarter given our rapid growth, we had decided to maintain greater liquidity on our balance sheet. This excess liquidity proved useful late in the fourth quarter as loan volume reached record quarterly levels, while net customer deposit growth was below previous quarterly levels due to several larger clients utilizing funds for varying needs close to year end.”

In addition to the maintenance of larger interest bearing deposit/cash balances for much of the quarter, net interest margin also continued to be impacted by the effect of low market yields, as well as competitive pressures in attracting new loans and deposits. The Company expects continued high liquidity levels and also expects continued loan growth in this lower market rate and competitive environment.

Loan Originations / Loans:

Total loan originations were $1.07 billion for the year ended December 31, 2014. At December 31, 2014, loans totaled $2.25 billion as compared to $1.57 billion one year ago at December 31, 2013, representing an increase of $676 million or 43 percent. The multifamily and commercial mortgage loan portfolio grew $557 million or 67 percent when comparing the December 31, 2014 balance to the December 31, 2013 balance. The increase was attributable: to the addition of seasoned banking professionals over the course of 2014; continued attention to the client service aspect of the lending process; an expansion of New Jersey-based real estate marketing activities; and a focus on the Boroughs of New York City multifamily markets beginning in mid-2013. The increase was also due to demand from borrowers looking to refinance multifamily and other commercial mortgages held by other institutions.

Mr. Kennedy said, “As explained in prior quarters, analysis showed that multifamily lending could be grown quickly and had strong credit metrics and provided solid risk-adjusted returns. Loan originations in this asset class have been a major focus as we build our C&I (Commercial & Industrial) lending capabilities, as part of our Strategic Plan launched in March 2013. Going forward, multifamily lending will remain a focus of the Company, but with the C&I lending program becoming more seasoned, including the addition in 2014 of four seasoned bankers focused on C&I lending, we anticipate that C&I loan production will continue to grow at an increased trajectory as we move forward.”

The Company closed $243 million of commercial loans for the twelve months ended December 31, 2014, up from $97 million in 2013. At December 31, 2014, commercial loans totaled $309 million, more than double the $132 million one year ago at December 31, 2013.

Deposits / Funding / Balance Sheet Management:

Loan growth of $209 million and investment security growth of $63 million (principally shorter duration and very liquid securities) in the December 2014 quarter were funded by capital growth of $54 million, customer deposit growth of $46 million, and utilization of $90 million in interest earning deposit/cash balances, as well as the addition of broker deposits and wholesale borrowings.

Brokered interest-bearing demand deposits continue to be maintained as an additional source of liquidity. At a cost of less than 25 basis points, such deposits are generally a more cost effective alternative than other borrowings and do not require pledging of collateral, as wholesale borrowings do. These deposits increased to $188 million at December 31, 2014 from $138 million at September 30, 2014. The Company does ensure ample available collateralized liquidity as a backup to these short term brokered deposits.

Brokered certificates of deposit have also been utilized throughout 2014. The majority of these deposits have been longer term and have generally been transacted as part of the Company’s interest rate risk management. These certificates of deposit are also a more cost effective alternative than other borrowings and also do not require pledging of collateral. Also as part of its interest rate risk management, during the December 2014 quarter, the Company transacted a pay fixed, receive floating interest rate swap with a notional amount of $25 million.

Mr. Kennedy said, “As previously noted in this release, maintenance of excess balance sheet liquidity proved useful late in the fourth quarter of 2014 as loan volume reached record quarterly levels, while net customer deposit growth was somewhat below previous quarterly levels, due to several larger clients utilizing funds for varying needs close to year end. Such withdrawals were expected and were only a portion of each client’s relationship with us. We do expect some of the funds to make their way back into the Company in 2015.”

Mr. Kennedy went on to say, “As noted in prior quarters, the June 2014 quarter included the sales of longer-duration, lower coupon residential first mortgage loans, as well as multifamily loan participations. These sales were part of the Company’s overall balance sheet management strategy and will likely continue into 2015.”

Mr. Kennedy further noted, “The Company will continue to place an intense focus on providing high touch client service and growing its core deposit base. Our full array of treasury management products will help support both core deposit growth and commercial lending opportunities. Our bankers have robust pipelines of client deposits.”

Wealth Management Business:

In the December 2014 quarter, Peapack-Gladstone Bank’s wealth management business generated $3.82 million in fee income compared to $3.55 million for the December 2013 quarter. For the 2014 year, wealth management fee income totaled $15.24 million reflecting a 10 percent increase over the $13.84 million for 2013. The market value of the assets under administration (AUA) of the wealth management division was $2.99 billion at December 31, 2014, up from $2.69 billion at December 31, 2013. The growth in fee income and AUA was due to a combination of new business and market value improvement.

John P. Babcock, President of Private Wealth Management, noted, “Incorporating wealth into every conversation we have with all of our clients, across all business lines, is integral to the bank’s strategy. As previously noted, over the course of 2014, three seasoned wealth advisors joined the Company from larger wealth management companies. Additionally a seasoned two person team – a Portfolio Manager and a Trust Officer – from a larger wealth management company joined us in the second quarter to complement our existing high-caliber team in our Princeton office. We will continue to build-out and grow our wealth management team and expand the products, services, and advice we deliver to our clients.”

Other Noninterest Income:

The December 2014 quarter included $128 thousand of income from the sale of newly originated residential mortgage loans, down from $171 thousand in the same 2013 quarter. As noted in prior quarters, the rise in mortgage rates caused a decrease in residential mortgage loan originations and resultant mortgage banking income. Mr. Kennedy noted, “Reduced levels of mortgage banking income was expected and planned for, and reduced levels of mortgage banking income are expected going forward. Fortunately, mortgage banking income is not a significant portion of our revenue.”

Securities gains were $44 thousand for the December 2014 quarter compared to $125 thousand for the December 2013 quarter. Sales of securities have been generally employed to benefit interest rate risk, prepayment risk, and/or liquidity risk. Given the short duration of the securities portfolio, sales have been employed much less often in recent periods.

Other income of $1.30 million for the December 2014 quarter was $166 thousand higher than the December 2013 quarter. Several categories reflected slight improvement in the quarter, including increased income associated with a new set of checking products put in place during the summer months.

Operating Expenses:

The Company’s total operating expenses were $15.58 million for the quarter ended December 31, 2014 compared to $14.65 million in the same 2013 quarter, reflecting a net increase of $932 thousand.

Salary and benefits expense increased due to strategic hiring in line with the Company’s Strategic Plan: private bankers in all of our businesses – retail, commercial and wealth; risk management professionals and various support staff, including support staff associated with the commercial lending process. Additionally, normal salary increases and increased bonus/incentive accruals associated with the Company’s growth contributed to the increase.

Mr. Kennedy noted, “Expense increases that were contemplated with our strategy, Expanding Our Reach, are tracking consistent with projections. We expect that the trend of higher operating expenses will continue into 2015, as we bring on high caliber revenue producers, and continue to invest in our infrastructure, in line with our Strategic Plan. Further, we generally expect revenue and profitability related to new personnel to lag those expenses by several quarters. It is important to note, however, that we have seen an improvement in quarterly revenue since we launched our Plan, particularly throughout 2014 as our Plan gained momentum. This revenue growth has outpaced expense growth considerably, which has caused our Efficiency Ratio to decline to just below 67 percent for the current quarter.”

Provision for Loan Losses / Asset Quality:

For the year ended December 2014, the Company’s provision for loan losses was $4.88 million, compared to $3.43 million for 2013. Charge-offs, net of recoveries, for the 2014 year were only $768 thousand.

At December 31, 2014 the allowance for loan losses was 284 percent of nonperforming loans and 0.87 percent of total loans.

The Company’s provision for loan losses and net increase in its allowance for loan losses continue to track well with the Company’s net loan growth and asset quality metrics.

Nonperforming assets at December 31, 2014 were just $8.2 million or 0.30 percent of total assets, compared to $8.6 million or 0.44 percent at December 31, 2013. Total loans past due 30 through 89 days were only $1.76 million at year end 2014, compared to $2.95 million at year end 2013.

Capital / Dividends:

Capital in the December 2014 quarter was benefitted by the “at-the-market” equity offering discussed previously, as well as by net income and $1.5 million of voluntary share purchases in the Dividend Reinvestment Plan.

At December 31, 2014, the Company’s leverage ratio, tier 1 and total risk based capital ratios were 9.11 percent, 14.38 percent and 15.55 percent, respectively. The Company’s ratios are all above the levels required to be considered well capitalized under regulatory guidelines applicable to banks.

As previously announced, on January 22, 2015, the Board of Directors declared a regular cash dividend of $0.05 per share payable on February 13, 2015 to shareholders of record on February 2, 2014.

About The Company:

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $2.70 billion as of December 31, 2014. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative private banking services to businesses, non-profits and consumers, which help them to establish, maintain and expand their legacy. Through its private banking locations in Bedminster, Morristown, Princeton and Teaneck, its wealth management division, and its branch network and online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as “expect”, “look”, “believe”, “anticipate”, “may”, or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to

– inability to successfully grow our business and implement our strategic plan, including an inability to generate revenues to offset the increased personnel and other costs related to the strategic plan;

– inability to manage our growth;

– inability to successfully integrate our expanded employee base;

– a continued or unexpected decline in the economy, in particular in our New Jersey and New York market areas;

– higher than expected increases in loan losses or in the level of nonperforming loans;

– unexpected changes in interest rates;

– a continued or unexpected decline in real estate values within our market areas;

– legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) subject us to additional regulatory oversight which may result in increased compliance costs;

– successful cyber-attacks against our IT infrastructure and that of our IT providers;

– higher than expected FDIC insurance premiums;

– adverse weather conditions;

– inability to successfully generate new business in new geographic markets;

– inability to execute upon new business initiatives;

– lack of liquidity to fund our various cash obligations;

– reduction in our lower-cost funding sources;

– our inability to adapt to technological changes;

– claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters; and

A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2013. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Corporation’s expectations.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Tangible book value per share and tangible equity as a percentage of tangible assets at period end are non-GAAP financial measures derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. We calculate tangible book value per share by dividing tangible equity by period end common shares outstanding less restricted shares not yet vested, as compared to book value per common share, which we calculate by dividing shareholders’ equity by period end common shares outstanding less restricted shares not yet vested. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios.

The efficiency ratio is a non-GAAP measure of expense control relative to recurring revenue. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, by net interest income and total noninterest income as determined under GAAP, but excluding net gains/(losses) on loans held for sale at lower of cost or fair value and excluding net gains on securities from this calculation, which we refer to below as recurring revenue. We believe that this provides one reasonable measure of core expenses relative to core revenue.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial position, results and ratios. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible common equity, tangible book value per share and efficiency ratio to the underlying GAAP numbers is set forth below.